Technical analysis by IAm_Ryder about Symbol PAXG: Buy recommendation (6/18/2024)

Dear traders! Today gold is trading at 2318 USD and has not changed much compared to the previous trading session. Talking about impact news: Impacted by the recovery of the USD and rising bond yields, while investors look forward to economic data and comments from US Federal Reserve (Fed) officials for more clarity on the roadmap to cut interest rates. Talking about the new prospect of news that could turn around: Although gold prices are falling, gold is in a favorable environment. Data released last week showed that labor market and price pressures are showing signs of cooling. Because recent data showing signs of weakness in the US economy could weaken the USD and increase expectations for future interest rate cuts. It is predicted that gold will still move around 2,300 to 2,400 USD. But first, I expect gold to attack the $2,335 resistance level as long as the 2,300 support level holds its own in a gradually narrowing BB environment.